Financial Performance Q2 FY27 (YoY Comparison)

  • Revenue from operations: ₹609 Mn (vs ₹498 Mn in Q2FY26), up 22% YoY
  • EBITDA: ₹145 Mn (vs ₹120 Mn in Q2FY26), up 21% YoY
  • EBITDA Margin: 23.8% (vs 24.0% in Q2FY26)
  • Profit Before Tax: ₹115 Mn (vs ₹93 Mn in Q2FY26), up 24% YoY
  • Profit After Tax: ₹85 Mn (vs ₹69 Mn in Q2FY26), up 23% YoY
  • PAT Margin: 14.0% (vs 13.8% in Q2FY26)
  • Basic EPS: ₹0.97 (vs ₹0.82 in Q2FY26)

Financial Performance Q2 FY27 (QoQ Comparison)

  • Revenue from operations: ₹609 Mn (vs ₹430 Mn in Q1FY27), up 41% QoQ
  • EBITDA: ₹145 Mn (vs ₹84 Mn in Q1FY27), up 72% QoQ
  • EBITDA Margin: 23.8% (vs 19.6% in Q1FY27)
  • Profit Before Tax: ₹115 Mn (vs ₹61 Mn in Q1FY27), up 89% QoQ
  • Profit After Tax: ₹85 Mn (vs ₹46 Mn in Q1FY27), up 86% QoQ
  • PAT Margin: 14.0% (vs 10.6% in Q1FY27)
  • Basic EPS: ₹0.97 (vs ₹0.55 in Q1FY27)

Financial Performance H1 FY27

  • Revenue from operations: ₹1,039 Mn (vs ₹878 Mn in H1FY26), up 18% YoY
  • EBITDA: ₹229 Mn (vs ₹201 Mn in H1FY26), up 14% YoY
  • EBITDA Margin: 22.1% (vs 22.9% in H1FY26)
  • Profit Before Tax: ₹176 Mn (vs ₹149 Mn in H1FY26), up 19% YoY
  • Profit After Tax: ₹131 Mn (vs ₹110 Mn in H1FY26), up 19% YoY
  • PAT Margin: 12.6% (vs 12.6% in H1FY26)
  • Basic EPS: ₹1.53 (vs ₹1.32 in H1FY26)

Balance Sheet Position as of September 30, 2026

  • Total Equity: ₹1,835 Mn (vs ₹1,220 Mn as of March 31, 2026)
  • Equity Share Capital: ₹474 Mn (vs ₹418 Mn as of March 31, 2026)
  • Other Equity: ₹1,361 Mn (vs ₹803 Mn as of March 31, 2026)
  • Total Non-Current Liabilities: ₹33 Mn (vs ₹200 Mn as of March 31, 2026)
  • Long Term Borrowings: ₹1 Mn (vs ₹171 Mn as of March 31, 2026)
  • Short Term Borrowings: ₹55 Mn (vs ₹126 Mn as of March 31, 2026)
  • Total Current Liabilities: ₹398 Mn (vs ₹337 Mn as of March 31, 2026)
  • Trade Payables: ₹255 Mn (vs ₹149 Mn as of March 31, 2026)
  • Total Assets: ₹2,267 Mn (vs ₹1,758 Mn as of March 31, 2026)
  • Property, Plant & Equipment: ₹639 Mn (vs ₹594 Mn as of March 31, 2026)
  • Capital Work in Progress: ₹53 Mn (vs ₹57 Mn as of March 31, 2026)
  • Inventories: ₹397 Mn (vs ₹284 Mn as of March 31, 2026)
  • Trade Receivables: ₹579 Mn (vs ₹499 Mn as of March 31, 2026)
  • Cash and Bank Balance: ₹393 Mn (vs ₹150 Mn as of March 31, 2026)

Cash Flow H1 FY27

  • Net Cash from Operations: ₹176 Mn
  • Cash Flow from Investing Activities: -₹366 Mn
  • Cash Flow from Financing Activities: ₹223 Mn
  • Net Increase/(Decrease) in Cash & Cash Equivalents: -₹12 Mn
  • Cash & Cash Equivalents at Beginning of Period: ₹26 Mn
  • Cash & Cash Equivalents at End of Period: ₹15 Mn

Operational Highlights

  • Manufacturing capacity: 483 lakh pieces per annum
  • Capacity utilization: 70.6% average
  • Captive forging capacity: 3,120 MT per annum
  • Product portfolio: 11,000+ SKUs of hydraulic fittings
  • Workforce strength: 685+ employees
  • Export markets: 11 countries including USA, Belgium, Poland, Russia, Brazil, Italy, Saudi Arabia, Hungary, UAE, Thailand, Germany
  • Manufacturing facilities: 6 locations across Maharashtra and Madhya Pradesh
  • Certifications: ISO 14001:2015, IATF 16949:2016, ISO 45001:2018, IRIS 2025, EIL Enlistment Certificate

Growth Strategy Initiatives

  • Expansion of manufacturing capacity at Shirwal, Kavathe & Pithampur Unit-1 through automation
  • Diversification into railways and defence sectors leveraging existing certifications
  • Evaluation of valves as adjacent product category
  • Strengthening domestic and international distributor network
  • Establishment of wholly owned subsidiary HY-TECH ENGINEERS Inc. in Delaware, USA with warehouse in New Jersey
  • Exploring expansion opportunities across Europe and Middle East
  • Cost optimization through automation, backward integration, and process optimization

Recent Business Development

  • Participation in bauma CONEXPO INDIA 2026 with 50,000+ visitor base
  • Showcased hydraulic fittings portfolio including DIN-metric, JIC, ORFS, conversion and customized fittings
  • Focus on expanding OEM engagement in construction machinery segment

Three-Year Financial Track Record

  • Revenue CAGR: 17% (FY24: ₹1,377 Mn, FY25: ₹1,614 Mn, FY26: ₹1,894 Mn)
  • EBITDA CAGR: 36% (FY24: ₹226 Mn, FY25: ₹358 Mn, FY26: ₹417 Mn)
  • PAT CAGR: 40% (FY24: ₹116 Mn, FY25: ₹196 Mn, FY26: ₹226 Mn)
  • Basic EPS: FY24: ₹1.39, FY25: ₹2.35, FY26: ₹2.70

Management Commentary

From Chairman Hemant Tukaram Mondkar: The company delivered strong performance with 22% YoY revenue growth and 41% sequential growth, reflecting healthy business momentum. The establishment of a US subsidiary is an important step towards strengthening global presence. Priorities include delivering sustainable growth, improving operational efficiencies, and creating long-term value.

Key Personnel

  • Chairman and Managing Director: Hemant Tukaram Mondkar
  • Company Secretary & Compliance Officer: Sai Yashwant Ranadive
  • Chief Financial Officer: Sunil Satwani
  • Chief Operating Officer: Sandeep Rane
  • Head-Marketing and Business Development: Nikhil Balasaheb Borawake

Investor Relations Contact

Stellar IR Advisors Pvt. Ltd. - Ankit Jain and Shruti Vasani